This invention relates to trading application program interfaces. More particularly, this invention relates to a trading interface having advanced features.
Electronically based trading systems have gained widespread popularity in recent years. Such trading systems are frequently used for trading items ranging from financial instruments (such as stocks, bonds, currency, futures contracts, etc.) to household goods (such as old records, antiques, wines, etc.). In many of these trading systems, bid/offer-hit/take processes are used to negotiate a sale of a given item. In connection with such processes, bids and/or offers for items are entered into a trading system and a hit or take is submitted in response to a bid or an offer, respectively, to agree to a sale.
Today, these trading systems are being developed with advanced processing circuitry and sufficient memory to support new types of software applications not previously envisioned. A challenge created by the new types of software applications is the ability to offer advanced features consistent with users' expectations of a trading interface environment.
Many implementations of electronic trading, while generally accurate, lack in desired speed mainly because traders are forced to use both a standard keyboard and a mouse to execute a trade. This dual process causes much delay for traders because the traders must follow several steps prior to executing a trade. For example, many traders using typical trading systems are required to click on an issue of choice, click on a buy or a sell button, and use the keyboard to enter a price and size for the trade.
The benefit of using a keyboard to execute a trade is that a trader may execute a trade with a great deal more speed than with a mouse. Specifically, with a keyboard, the trader may use all ten fingers, while with a mouse the trader may use two fingers at most.
Despite the drawbacks associated with using a mouse, many traders continue to use a mouse because it is considered easy to use, and thus traders feel that they are less likely to make unwarranted trading mistakes with a mouse. Because trading professionals frequently have large amounts of money at stake when trading, many professionals prefer to forgo speed and efficiency for peace of mind.
While mouse-based interfaces have existed for years, these interfaces have put traders using them at a disadvantage when competing with full-time keyboard traders. One reason the existing mouse-based interfaces place those traders at a disadvantage is that those traders are forced to physically move a mouse pointer from an indicator for a desired instrument, that is at some given point on a trading screen, to some other point on the screen where bidding/offering and buying/selling commands can be entered. This approach is very time-consuming and additionally distracts traders from focusing on market movements and other trades while they attempt to execute their trades.
Furthermore, traders may be interested in Treasuries other than the most recently issued Treasuries (i.e., the benchmark issue). The most recently issued Treasuries are said to be on-the-run. Other Treasuries are said to be off-the-run (i.e., non-benchmark issues). Because off-the-run Treasuries may lack liquidity, they routinely trade at spreads over comparable on-the-run Treasuries. Consequently, off-the-run Treasuries trade at slightly lower prices and higher yields.
Trading systems vary in the type and scope of features that they provide. Typical trading systems allow traders to trade on a benchmark or a non-benchmark issue by selecting the issue of choice, using a mouse to select a buy or a sell button, and using the keyboard to enter a price and size for the trade. One drawback of these trading systems is that non-benchmark issues are not easily accessible from the related benchmark issue.
In view of the foregoing, it would be desirable to provide enhanced features and applications for a trading interface environment that enables a trader to execute trades on benchmark issues and non-benchmark issues quickly, efficiently, and accurately without the use of a pointing device.